Fuller’s chief executive, Simon Emeny
Revenue at Fuller Smith & Turner rose 5% to £403.6m in the 52 weeks to March 31, the company reports today. Adjusted profit was up 3% to £43.2m.
There was a good performance from managed pubs and hotels with like-for-like sales growth of 2.9%, led by a strong performance from accommodation. There was a strong performance from tenanted inns, too, where like-for-like profits rose 3%.
Total beer and cider volumes were flat, however, in what Fuller’s describes as a challenging market place.
Fuller’s completed seven transformational redevelopments during the year, while digital projects undertaken in the last year are now live, including a new food and menu management system, online booking and an internal communications app.
There was a continued roll-out of Fuller’s new tenanted inns turnover agreement, with 13 pubs on this model at the year end.
The company also acquired Dark Star Brewing, adding further depth to Fuller’s portfolio and broadening its customer base. And there are new sites and capital investments in the pipeline.
Fuller’s chief executive, Simon Emeny, said: “The year has seen another good performance, with a solid set of results, particularly from Fuller’s Inns. It has been a year of building for the future, with a number of internal projects coming to fruition.
Dark Star Brewing
“In February, we were delighted to acquire Dark Star Brewing, a craft cask brewer in Sussex, and since the year end we have purchased an additional ten excellent sites.
“Our managed pubs and hotels have again delivered like-for-like sales that are above the industry average, and our tenanted inns are making real progress with a 3% increase in profits.
“Although we have seen a marginal drop in total beer and cider volumes, it has been a year of progress for the Fuller’s Beer Company, which has a clear strategy to return to growth, and exciting, achievable plans in place.”
He added: “The four sites we have acquired from We Are Bar Group are good, well-located additions to our City business, and the six Bel & The Dragon sites are a perfect fit with our existing quality estate. They offer delicious, fresh food, an interesting and premium drinks portfolio, and 57 bedrooms — all areas where we have expertise.
“While we are still in a time of national and global uncertainty — and we do not underestimate the related wider market and economic issues that we will have to navigate over the months ahead — we believe we are in a strong position.
“We have an excellent team of motivated people, both at management level and throughout the business, we have pubs that are well invested and in strong, iconic locations, and we have a bold and proud portfolio of beer and cider brands. These assets are backed by a robust financial position and that puts us in a good place to continue to deliver for our shareholders, our customers and our employees.”